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Understanding the Impact: How Interest Payments Became the Second Largest Federal Spending Category under Biden
Introduction to interest payments as a federal spending category In the intricate landscape of federal spending, interest payments on the national debt have emerged as a significant and rapidly growing expense. Historically, these payments have been an inevitable consequence of borrowing to finance government operations and initiatives. However, under the Biden administration, interest payments have assumed a more prominent role, rising to become the second-largest federal spending category, surpassing even defense expenditures.
By Kevin MacELwee2 years ago in Journal
